Mylan First Quarter Profit up 8%, Eyeing Acquisitions

CANONSBURG, Pa. (AP) — Mylan's first-quarter net income rose about 8 percent, and the generic drugmaker said Thursday that it is still hunting for acquisitions and it expects to pull off a "substantial transaction" this year.

The Canonsburg, Pennsylvania-based company has been pursuing Swedish pharmaceutical company Meda. But Meda said Monday that it had rejected Mylan's latest buyout offer.

Mylan CEO Heather Bresch said Thursday in a statement announcing the company's first quarter that Mylan is still exploring a number of possible deals. She did not offer details.

In the January-March period, Mylan earned $115.9 million, or 29 cents per share. That compares with $106.9 million, or 27 cents per share, in last year's quarter.